Inquiring minds are poring over the ESM Treaty to see how it is supposed to work in theory, assuming it will be ratified by counties with the required 90% of EMU voting rights.
Given that Spain is supposed to get €100 billion from the ESM, some might be surprised to learn ESM Still Not Ratified by Germany, Austria, Belgium, Estonia, Slovakia, Netherlands
Finland is missing from the above group. Finland has signed but not yet ratified the treaty and May Ask for Collateral for Spanish Banking Bailout
Political football is holding up treaty ratification in Germany, with the opposition demanding a Financial Transaction Tax in return for passage.
Assuming the treaty passes, please turn your attention to Article 41.
ARTICLE 41 ... payment of paid-in shares of the amount initially subscribed by each ESM Member shall be made in five annual instalments of 20 % each of the total amount. The first instalment shall be paid by each ESM Member within fifteen days of the date of entry into force of this Treaty. The remaining four instalments shall each be payable on the first, second, third and fourth anniversary of the payment date of the first instalment.
Reader Brett who pointed out that provision writes ...